2023 Retirement Plan Limits

The IRS has released the 2023 retirement plan limits. Tax year 2023 will contain a significant increase in contribution limits for employees participating in a 401(k) plan.

401(k) 2023 Plan Limits

The new maximum 401(k) employee contribution limit is increasing from $20,500 in 2022 to $22,500 in 2023. If you are over the age of 50 there is an additional catch-up contribution limit increase from $6,500 in 2022 to $7,500 in 2023. This nets to a potential $30,000 total 401(k) contribution for those over the age of 50 in tax year 2023.

IRA and Roth IRA 2023 Limits

IRAs and Roth IRAs will also see a significant increase in 2023 contribution limits from $6,000 in 2022 to $6,500 in 2023. The catch-up contribution limit for those over the age of 50 will remain unchanged at $1,000. Taxpayers should be prepared to take advantage of these changes.

Contact our Tax Department with your questions about the new 2023 retirement plan limits.

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DISCLAIMER: This blog is provided for informational purposes only and is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant. Presentation of the information in this article does not create nor constitute an accountant-client relationship. While we use reasonable efforts to furnish accurate and up-to-date information, the evolving landscape surrounding these topics is supported by regulations or guidance that are subject to change.

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